Daily Technical Forex Forecast 14.06.2019


EUR/USD

The price continued correcting downwards yesterday and now is trading in the local consolidation between 2 strong volume levels. They are the support 1.1220 and the resistance 1.1338.

Thus, we can consider new trading scenarios only after the sharp and confident exit of the price from the range. The breakout movement must be supported by the large volume, which will be a more accurate and secure signal for entering the market.

GBP/USD

The Pound is still trading within the local range between the support 1.2568 and the resistance 1.2796. The large volume is concentrated within this consolidation, thus, we can open new positions only after the sharp exit of the price from it.

Moreover, the breakout movement must be abrupt and supported by the large volume, which will insure us against a fake breakout. While the price is still trading inside this range, we’d better omit this instrument from our trading plan.

USD/JPY

Nothing has changed here as price is trading within the local range between 2 strong volume levels. The first one is the support 107.83, the second one is the resistance 108.85. Hence, our previous scenario remains relevant: we can consider new positions only after the confident and sharp exit of the price from this consolidation. Furthermore, the movement must be supported by the large volume, which will insure us against a fake breakout.

While the price is located inside this range, we’d better stay out of the market.

USD/CAD

The price is trading inside the local range between the support 1.3253 and the resistance 1.3365. Thus, our previous scenario remains actual: we can reckon new trading scenarios only after the exit of the price from the range.  Moreover, the breakout movement must be rapid, confident and supported by the large volume, which will be a more secure signal for entering the market. Until that, while the price is located within this range, we’d better skip this instrument from our trading plan.

AUD/USD

AUD/USD went on falling yesterday and now is testing the support level 0.6903. Thus, we can consider a scenario of the breakdown of this mark, which will allow opening short positions. The breakout movement should be rapid and on the large volume, which will be a more accurate and strong signal to enter the market. A stop loss should be placed slightly above the breakout volume bar. The potential of the deal is more than 80 points.

XAU/USD

Gold showed a sharp and steady growth and now the price is testing the resistance level/local maximum 1343.60. Yes, the pair was growing on the small volume, but considering the above fact and the presence of a local uptrend, we can consider a scenario of the breakout of this mark, which will be an excellent bullish signal.

The breakout movement should be rapid and on the large volume, which will be a more accurate and strong signal to enter the market. A stop loss should be placed slightly below the breakdown volume bar. A potential of the deal is more than 150 points.

The sentiment: this technical indicator totally affirms our trading scenarios with AUD/USD and XAU/USD, which is a great additional signal for us. As with other instruments, we can open new positions only after the sharp exit of prices from local consolidations.

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